RBI cancels certificate of registration of eight NBFCs

The Reserve Bank of India (RBI) on Tuesday cancelled the certificate of registration for the following eight non-banking financial companies ( NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.

Following the cancellation of registration certificate, the apex bank notified that these companies cannot transact the business of a non-banking financial institution as laid down under clause (a) of Section 45-I of the Reserve Bank of India Act, 1934 .